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Real Estate Question: My father has an 5 family apartment…

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Real Estate Question: My father...
Real Estate Question: My father has an 5 family apartment house that we wants to sell. He's in his 70. The question is how mush of his gross earnings will be taxed? or would it be better for me to buy the building? Just want to get him the most income
Submitted: 2 years ago.Category: Tax
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Answered in 7 minutes by:
2/26/2016
Tax Professional: Lev, Tax Advisor replied 2 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,340
Experience: Taxes, Immigration, Labor Relations
Verified

The issue - what exactly do you meany under gross earnings - if that is a gain on teh sale - the full gain will be added to his other taxable income.

In additional - depending what other taxable income your father has - a part of his social security benefits might become taxable.

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Tax Professional: Lev, Tax Advisor replied 2 years ago

What we need to know to calculate the gain?
First - that is an expected selling price and selling expenses (realtor fees, etc)
Then - his basis - which is original purchase price adjusted by improvement expenses which were capitalized.

We also need to know the amount of accumulated depreciation.

If you need additional help to find all that information - I am sending you an offer for additional services and we may discuss your reporting issues directly.

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